Of course we all strive to receive a favorable credit score and maintain immaculate financial history, but it doesn't always work out that way for everyone. This can be especially frustrating when trying to obtain a bond for a commercial contractor with less-than-perfect financials.
A contractor may have longevity in business, good character, decent credit, good experience, and a good relationship with a bank, but if his business financials don't show any working capital, he'll probably be declined by most bond companies for bid or performance bonding...but don't give up yet.
So many blogs, so little time. To make it easier, we've sorted through all of the articles that our authors have published so far this year to bring you our top 5 most read blog posts.
We like to think of it as a “greatest hits” compilation of the most popular industry topics and trends that have been talked about in recent months, all combined into one short list so you can stay focused and hone in on what's important.
host liquor liability,
Loss control services can be widely misunderstood and unfortunately, underutilized. As someone who works and communicates with agents on a daily basis, I think there is sometimes a huge disconnect between how an agent perceives what these services do, and what they actually do. I've noticed that some agents tend to lump loss control services into the same category as inspections or audits - when in fact, they have so much more to offer.
Transportation / Trucking,
Today's market is fueled by the ever-increasing expectations of the consumer, which changes the way that agents are marketing and selling insurance. Buyers expect top-notch service, complete with offers that are tailored to their specific needs, alternative options and comparisons, ongoing advice, and immediate satisfaction. This can make an independent insurance agent's job more difficult to sell an increase in premium, let alone more coverage. Educating the insured and making sure they are aware of the coverage they have (and what’s available) is crucial.
independent insurance agent,
"Risky", "Inferior", "Unregulated" ...there are a lot of negative connotations when it comes to excess and surplus lines insurance. The truth is, E&S isn't nearly as "sketchy" as it's made out to be. So, to put your mind at ease let's clear up a few things.
excess and surplus insurance,
excess and surplus lines,
admitted insurance markets,
non-admitted insurance markets,
excess & surplus,
Excess & Surplus Lines,
Insurance Guaranty Fund
I can't remember the last time I went a full 24 - 48 hours without hearing a news headline, reading an article, or having a conversation brought up about one very particular trending topic: cyber insurance. Even if you haven't been hearing as much about it as I have, I'm sure you've still heard enough to come to the conclusion that the demand for cyber liability insurance is steadily increasing.
So here's my thing, I'm hearing a TON about cyber risks, data breach lawsuits, and news titles announcing the latest security hack, but what I'm not hearing much of is clarity around the whole subject - for both the independent agent's side and/or the insured's side.
For instance, the following terms are all referring to protection from cyber risks, but what's the difference between each, or is there no difference at all?
data privacy coverages,
cyber liability insurance,
When a loss occurs, your insured is faced with many different questions – how to report their loss, how the process will work, and how they can remedy their situation (whether it is getting back to work or getting the necessary repairs completed on a business, home or vehicle). With the majority of my 29 years of industry experience being spent in Claims, one topic that agents frequently ask about is Insurance Claims Adjusters.
These days, in an ever-growing, litigious society, we see the development of new reasons to sue each other on a regular basis. The very concept of suing someone for posting slanderous comments on their website or social media page did not even exist 30 years ago, yet we hear stories about this type of scenario all the time today. So, how do you ensure that you've covered all the bases in order to provide the best protection possible when it comes to a client's personal assets?
There are usually multiple reasons for equipment failures with many of the root causes outside of the owner or operator's control. One thing the owner/operator does have control over is how often they are inspecting their equipment for such failures and catching them before there is a loss.
Property & Casualty,
storage tank insurance,
underground storage tank insurance
Filings are a crucial aspect of commercial transportation insurance. It is important that those working in commercial transportation insurance have an understanding of filings.